Highlights | New Income Tax Slabs 2025-26: No income tax till income up to Rs 12 lakh in new tax regime, says FM Nirmala Sitharaman; tax slabs revised; Finance Bill will be introduced next week

Income Tax Slabs 2025 LIVE: New tax regime slabs revised; see old and revised list 

After the Finance Minister's announcement, the new tax regime income tax slabs have been revised. See the new list and the old list-

Here are the revised rates after this development.
Nil tax in the new regime on income up to Rs 0-4 lakh
5% tax in the new regime on income up to Rs 4-8 lakh
10% tax in the new regime on income up to Rs 8-12 lakh
15% tax in the new regime on income up to Rs 12-16 lakh
20% tax in the new regime on income up to Rs 16-20 lakh
25% tax in the new regime on income up to Rs 20-24 lakh
30% tax in the new regime on income above Rs 24 lakh

Tax slabs before revision
For income 0-Rs 3 lakh
There was no income tax.
For income Rs 3 lakh-Rs 7 lakh
The tax rate was 5 per cent
For income Rs 7 lakh-Rs 10 lakh
The tax rate was 10 per cent
For income Rs 10 lakh-Rs 12 lakh
The tax rate was 15 per cent
For income Rs 12 lakh-Rs 15 lakh
The tax rate was 20 per cent
For income Rs 15 lakh+
The tax rate was 30 per cent

Income Tax Slabs 2025 LIVE: Nil income tax till income up to Rs 12 lakh, says FM Nirmala Sitharaman

The Finance Minister says that there will be no income tax on an annual income up to Rs 12 lakh in the new tax regime. However, if your income is above than that, the income tax will be apply.

Income Tax Slabs 2025 LIVE: TDS limit on rent will be increased to Rs 6 lakh, says FM Nirmala Sitharaman

The Finance Minister says that the government will reduce TDS liability. The TDS limit on rent will be increased from Rs 2.4 lakh to Rs 6 lakh

Income Tax Slabs 2025 LIVE: Revised fiscal deficit is 4.8% of GDP, says FM Nirmala Sitharaman

The Finance Minister says that the revised fiscal deficit is 4.8 per cent of GDP. She further says the fiscal deficit target for FY26 is 4.4 per cent, and the revised expenditure for FY25 is Rs 47.16 lakh crore.

Income Tax Slabs 2025 LIVE: Customs duty to be removed from 36 life saving drugs, says Nirmala Sitharaman

The Finance Minister says that the customs duty will be removed from 36 life saving drugs that are used in diseases such as cancer and critical diseases.

Income Tax Slabs 2025 LIVE: FDI in insurance sector to be increased from 75% to 100%, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman says that FDI in the insurance sector has been increased from 75 per cent to 100 per cent for the firms that invest their entire premium in India.

Income Tax Slabs 2025 LIVE: Finance Bill to be introduced next week, says FM Sitharaman

Nirmala Sitharaman says that the Finance Bill be introduced in Parliament next week.

Income Tax Slabs 2025 LIVE: Bihar to get a new airport, says FM Sitharaman

Nirmala Sitharaman says that a new airport will be built in Bihar. Helipads and small airports will be added to the UDAN scheme.

Income Tax Slabs 2025 LIVE: Centre of Excellence in artificial intelligence to be set up, says FM Sitharaman

The Finance Minister says that Centre of Excellence in Artificial Intelligence for education will be opened with an outlay of Rs 500 crore.

Income Tax Slabs 2025 LIVE: UPI-linked cards for street vendors will be launched, says FM Sitharaman

The Finance Minister says that UPI-linked credit cards will be launched for street vendors, the limit of which will be Rs 30,000. Among other developments, states will get interest-free amounts for infrastructure. A 1.5 lakh core amount will be interest-free for 50 years.

Income Tax Slabs 2025 LIVE: More IITs to be launched; seats in government medical colleges will increase, says FM Sitharaman

The Finance Minister says that more IITs will be launched and the seats of medical courses in government medical colleges will increase to 75,000

Income Tax Slabs 2025 LIVE: Saksham Aanganwadi and Poshan 2.0 to be launched, says FM Sitharaman

The Finance Minister says that the government is set to launch Saksham Aandhanwadi and Poshan 2.0.

Income Tax Slabs 2025 LIVE: Govt to give money to NCDC to help cooperative investments for MSME, says FM

The government will give money to NCDC to help cooperatives investment for MSME, and the turnover limit will increase by 2.5 times.

Income Tax Slabs 2025 LIVE: Kisan credit card's limit will be increased, says Nirmala Sitharaman

The Finance Minister syas that the Kisan Credit card's limit will be increased to Rs 5 lakh.

Income Tax Slabs 2025 LIVE: Government's focus on farm growth and rural development, says FM Sitharaman

The Finance Minister says that the focus of the government is on farm growth, rural development, manufacturing. It will focus on reforms in the financial sector.

Income Tax Slabs 2025 LIVE: Government to start PM Dhan Dhanya Krishi Yojana, says FM Sitharaman

Finance Minister Nirmala Sitharaman says the PM Dhan Dhanya Krishi Yojana will be run in the states where the yielding power is low

Income Tax Slabs 2025 LIVE: Government will start PM Dhan Dhanya Krishi Yojana along with states, says FM Sitharaman

Finance Minister Nirmala Sitharaman says the central government will run the PM Dhan Dhanya Krishi Yojana in association with states.

Income Tax Slabs 2025 LIVE: Government's focus is on growth, says FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman says that the government's focus is on growth, and Budget 2025 has its focus on 10 themes.  

Income Tax Slabs 2025 LIVE: Finance Minister Nirmala Sitharaman starts her budget speech

Finance Minister Nirmala Sitharaman has started her budget speech in Parliament. This is her record 8th consecutive budget. 

Income Tax Slabs Budget 2025: Cabinet approves budget; FM Sithaaman set to present it

The cabinet has approved Budget 2025. The Finance Minister will present it in Parliament in a short while.

Income Tax Slabs Budget 2025: FM Nirmala Sitharaman's budget speech set to start

Finance Minister Nirmala Sitharaman's budget speech in Parliament is set to start in a short while.

Income Tax Slabs Budget 2025: How much tax do you have to pay in old and new tax regimes?

If you want to know the current tax slabs and how much tax you to have pay in different tax slabs, read this detailed story.

Income Tax Slabs Budget 2025: PM Modi reaches Parliament for cabinet meeting

After Finance Minister Nirmala Sitharaman. Prime Minister Narendra Modi has also reached the Parliament building for the cabinet meeting where the budget will be approved. 

Income Tax Slabs Budget 2025: PM Modi, FM Sitharaman in Parliament for cabinet meeting

Both PM Modi and FM Sitharaman are in Parliament to participate in the cabinet meeting, where the budget will get its approval. Once it is done, it will be presented in Parliament.

Income Tax Union Budget 2025 Live: FM Nirmala Sitharaman reaches Parliament for cabinet meeting

Finance Minister Nirmala Sitharaman has reached the Parliament building for the approval of Budget 2025. The cabinet will approve the budget and the Finance Minister will present it. 

Income Tax Union Budget 2025 Live: FM Nirmala Sitharaman reaches Parliament for cabinet meeting

Finance Minister Nirmala Sitharaman has reached the Parliament building for the approval of Budget 2025. The cabinet will approve the budget and the Finance Minister will present it. 

Income Tax Budget 2025 Live: Cabinet meeting for budget approval to start in a while 

The cabinet meeting where the budget will be approved will start in a short while. Once it gives the go-ahead, Finance Minister Nirmala Sitharaman will present the budget at its scheduled time of 11 am.    

Income Tax Budget 2025 Live: Expert wants Finance Minister to give tax relief to individuals up to Rs 15 lakh 

Sandeep Agrawal Founder and Director, Teamlease Regtech, says, "A key focus can be on revising tax slabs with tax benefits for individuals earning up to Rs 15 lakh annually, providing relief to millions of middle class taxpayers." 

Income Tax Budget 2025 Live: Expert wants Finance Minister to merge old and new tax regimes 

Deepashree Shetty, Partner, Global Employer Services, Tax & Regulatory Services, BDO India, says that the Finance Minister should merge both the old and new tax regimes. "The upcoming Budget should focus on simplifying the tax structure for individual taxpayers by consolidating the current dual regimes into a single, cohesive tax framework. While this shift may take time, it is anticipated that the OTR may eventually be phased out, with its abolition ideally scheduled for FY 2026-27 to provide ample time for taxpayers, employers, and financial institutions to adjust."

Income Tax Budget 2025 Live: When will Finance Minister start her Budget speech?    

Finance Minister Nirmala Sitharaman will start her budget speech at 11 am. The Live telecast can be watched on the Zee Business channel. Live updates will also be available on Zee Business' Hindi and English platforms. Follow updates   

Income Tax Budget 2025 Live: Finance Minister and other key ministry officials reach finance ministry office    

The finance minister and key finance ministry officials have reached the finance ministry office today.  
So, far, Finance Minister Nirmala Sitaraman, DFS Nagaraju, CEA V Anantnageshwaran, Tuhin Kant Pandey, Revenue secretary, CBIC Chairman Sanjay Kumar Agarwal, Expenditure Secretary Manoj Govil, Arunish Chawla, DIPAM, have reached the Finance Ministry.

Income Tax Budget 2025 Live: When marginal tax was cut from 97.75% to 75%   

There was a time when the maximum marginal tax in India was 97.75%. YB Chavan changed that in the 1974-75 budget. Taxpayers earning income up to Rs 6,000 a year were kept outside the ambit of income tax in that budget.
However, a 70 per cent marginal rate of basic income tax was introduced on the slab over Rs 70,000/year.

Income Tax Budget 2025 Live: When did 1st income tax slab change happen in India?   

The first tax slab change was made by Finance Minister John Mathai in 1949-50. He reduced tax on incomes up to Rs 10,000 by a quarter of an anna in two slabs.
In the 1st tax slab, he reduced it from one anna to nine pies, and in the 2nd tax slab, he reduced it from two annas to one nine pies.

Income Tax Budget 2025 Live: Who presented Independent India's first budget?   

RK Shanmukham Chetty was India's 1st Finance Minister. He also presented independent India's first budget on November 26, 1947.

In the budget, Chetty earmarked a total expenditure of Rs 197.39 crore. Out of it, approximately Rs 92.74 crore (or 46 per cent) was allocated only for Defence Services.

Income Tax Budget 2025 Live: Will Finance Minister Nirmala Sitharaman remove old tax slabs?   

It will be interesting if the old tax slab stays for a long time. The majority of taxpayers has shifted to the new tax regime. But experts expect that the government may phase out the old tax regime instead of ending it in one go. 

Income Tax Budget 2025 Live: Finance Minister Nirmala Sitharaman set to present her 8th consecutive budget   

Finance Minister Nirmala Sitharaman will improve her own record as she is set to present her 8th consecutive budget. Only Morarji Desai (10) and P Chidambaram (9) have delivered more budgets than her. But those were not consecutive.

Income Tax Budget 2025 Live: Salaried class eyes slab changes as FM Sitharaman set to present budget   

Today is the budget day. Taxpayers will keenly wait for Finance Minister Niramala Sitharman's budget speech. They want her to reduce tax in different income slabs.

Income Tax Budget 2025 Live: PB Fintech's Rajiv Gupta expects govt to increase deduction limit for health insurance   

Rajiv Gupta, President, PB Fintech, says that the industry strongly recommends increasing the deduction limit for health insurance under Section 80D to Rs 50,000 for individuals and Rs 1,00,000 for senior citizens. Furthermore, introducing tax exemptions for contributions to Health Savings Accounts can empower individuals to manage escalating healthcare costs more effectively.

Income Tax Budget 2025 Live: PB Fintech's Rajiv Gupta expects separate tax exemption category for term insurance  

Rajiv Gupta, President, PB Fintech, says with Budget 2025 approaching, the insurance sector anticipates bold reforms that will be aligned with the industry’s vision of universal insurance coverage by 2047. 

"Section 80C covers a maximum deduction limit of Rs 1,50,000, which includes investments such as PPF and home loan refunds, thereby making it possible for this limit to run out. Introducing a separate tax exemption category for term insurance will incentivize Indians to secure their families with adequate life coverage and reduce the protection gap. 

Income Tax Budget 2025 Live: Deloitte India expert expects govt to create separate section for home loan repayment  

Nandita Tripathi, partner, Deloitte India, expects Centre to create a separate section for home loan repayment with a combined maximum deduction of up to Rs 5 lakh for both principal and interest components.

"Currently, the repayment of the principal component of home loans is eligible for tax deduction under Section 80C. In contrast, the repayment of interest component of up to Rs 2 lakh qualifies for tax deduction under Section 24(b)," she says.

Income Tax Budget 2025 Live: SBI Research expects govt to reduce tax rate to 15% from 20% for taxpayers in Rs 10 lakh-Rs 15 lakh 

In its report, SBI Research expects the rationalisation of tax slabs from the Finance Minister Nirmala Sitharaman. "For individuals earning between Rs 10 lakh and Rs 15 lakh annually, the tax rate should be reduced from 20 per cent to 15 per cent.

Income Tax Budget 2025 Live: Expert expects FM Sitharaman to increase tax-free income threshold 

Ashish Agrawal, Partner, Dhruva Advisors, says that revisions to tax slabs and deductions under Section 80C have not been updated for many years and are due for revision in line with inflation rates. 

"The tax-free income threshold should be increased to Rs 10 lakh, with a 10 per cent rate for income up to Rs 20 lakh, a 20 per cent rate for income up to Rs 30 lakh, and a 30 per cent rate for incomes above Rs 30 lakh."

Income Tax Budget 2025 Live: When and where can one watch FM Sitharaman's budget speech?

Nirmala Sitharaman's speech is set to start at 11 am on Saturday, February 1, 2025. One can watch the speech Live on Zee Business news channel. Live updates will also be available on Zee Business' Hindi and English digital platforms.
 

Income Tax Budget 2025 Live: What are different tax slabs under new and old tax regimes?

As per the official ITR website, taxpayers under 60 years old and following the old or the new tax regime need to pay their taxes under these rates-   

Income Tax Budget 2025 Live: Can one switch back to old tax regime after choosing new tax regime?

Yes, if a taxpayer wants to go back to the old tax regime, they can do so. The ministry imposes no penalty on such taxpayers.

Income Tax Budget 2025 Live: New tax regime is default tax regime for new taxpayers

In Budget 2023, the finance ministry made the new tax regime the default tax regime for new taxpayers. However, the ministry later gave clarification that taxpayers could choose any regime they wanted.   

Income Tax Budget 2025 Live: Taxpayers eye key tax changes as FM Sitharaman set to present budget

Taxpayers in India have two tax regimes- old and new. The new tax regime was introduced in Budget 2020.

Income Tax Budget 2025 Live: Taxpayers eye key tax changes as FM Sitharaman set to present budget

Welcome to Zee Business Live blog! In this blog we will give you updates about income tax-related expectations, announcements, and reactions. Finance Minister Nirmala Sitaraman is set to announce Budget 2025, where she is expected to make taxpayer-friendly changes in the old and new tax regimes. Stay tuned to get more information about key tax-related developments!